PHILADELPHIA--VINtek, a provider of automotive collateral management
services for
banks, credit unions and other automotive finance lenders, announced
the
launch of TitleMyCar.com, a direct-to-consumer (D2C) auto loan
documentation portal. TitleMyCar.com is used by direct auto lenders
in
conjunction with virtual lien perfection services provided by VINtek.

Consumers directed to TitleMyCar.com can review and execute their
documents for auto loans and initiate funding utilizing a paper-based
or
electronic signature process. Benefits to consumers include faster
closing and funding of their auto loans and reduced paperwork and
effort
to close the transactions.

Electronic signature and eContracting capabilities are provided
through
the portal by Baltimore-based eOriginal, Inc., an expert in the field
of
electronic signature legal compliance for eContracts, leases and
other
forms of transferable assets.

If consumers choose to electronically sign their loan documents, they
are retained in an electronic vault maintained on behalf of the
lender
by eOriginal. The document is a legal, tamper-proof eContract that
eliminates the need for any physical paper processing and retention
by
the lender. TitleMyCar.com complements VINtek’s
suite of products that includes paperless titles for automotive
collateral; VINtekTIME, a Web-based application which incorporates
document imaging and other paperless processes for managing lien or
title inventory; VINaudit, an automated VIN decoding system; and
AUTOval, used vehicle valuation technology.

“Our combined Software as a Service (SaaS)
delivery model transfers information from VINtek to eOriginal in
real-time as consumers are conducting business on the TitleMyCar.com
Web
site,” said Jack Stose, vice president of
eOriginal. “By leveraging the respective
skills and investments of VINtek and eOriginal, VINtek was able to
create a portal that is simple to use yet sophisticated enough to
meet
the demands of the automotive finance lender community. The
product’s
design provides rapid deployment and reduced IT resource requirements
by
lenders.”

“The eSignature and eContract capabilities
of
the TitleMyCar.com process, paired with the collateral management
services traditionally provided by VINtek, reduce the time and effort
required on the part of the consumer and the lender to close the auto
loan,” said Larry Highbloom, president of
VINtek. “Consumers are able to receive
funding
faster and lenders are able to reach an expanded market of borrowers
through the D2C channel and reduce the cost of closing individual
loans
by moving them to an electronic format.”

About eOriginal

eOriginal, Inc,’s advanced electronic
vaulting solutions enable auto finance sources and investors to
eliminate paper while legally protecting their assets as electronic
contracts are managed and transitioned throughout their lifecycle.
eOriginal eCore®
technology and processes create electronic finance documents that are
tamper-evident, auditable and legally enforceable, admissible and
negotiable. eOriginal solutions are compliant with ESIGN, UETA and
UCC
Revised Article 9-105. eOriginal®
technology has managed approximately 500,000 electronic contracts
representing more than $10 billion in originations, with more than $2
billion pooled and securitized. For more information, visit
www.eoriginal.com.

About VINtek

Founded in 1990, Philadelphia-based VINtek provides automotive
collateral management services and business process outsourcing for
banks, credit unions and other auto finance institutions using paper
or
electronic titles. A provider of Electronic Lien and Title (ELT)
technology, VINtek helps lenders increase efficiency, decrease costs
associated with account management and reduce errors and exceptions
on
titles and liens through automation. For more information, visit
www.vintek.com.